Essays & News

  Recently, rumors have circulated about a new wave of mobilization in Russia. The war between Ukraine and Russia is intensifying. Ukraine has successfully struck military targets and infrastructure deep inside Russian territory, causing significant damage. Meanwhile, the Kremlin is pressing harder on the front lines and appears prepared to accept heavy losses. The war […]

1. What is productivity according to the Austrian School of Economics? The Austrian School of Economics views productivity as the successful alignment of subjective consumer demands with efficient, time-structured production. It rejects aggregate statistical averages, emphasizing instead that true productivity arises from entrepreneurial innovation, capital investment, and time preference (the decision to save rather than […]

  Prediction markets such as Polymarket and Kalshi have evolved rapidly and transformed from niche entertainment tools to major platforms that aggregate expectations on global events. With trading volumes reaching tens of billions of dollars monthly in 2026, these markets now function as real-time indicators for politics, economics and armed conflict. As polarized narratives and […]

  A few weeks ago, the United States and Iran signed a memorandum of understanding, but there was little reason to expect it would produce a lasting solution. The agreement satisfied neither side. As noted three weeks ago, launching Operation Epic Fury was the right decision, but ending it prematurely could prove a fatal blunder. […]

Working Paper Series. Written by David Howden. Canonical Austrian business cycle theory holds that a lower rate of interest lengthens the structure of production. Fillieule (2007) derives the opposite conclusion: the average period of production rises with the rate of interest. I argue in this article that the apparent conflict dissolves once two distinct meanings of lengthening […]